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Home Equity Loan Rates

A home equity loan is a type of second mortgage that lets you borrow money against the value of your home. Whether you own your home outright or have a standard first mortgage, home equity loans let you unlock the equity in your home in exchange for a second mortgage.

Home Equity Loan Rates in: No Records Found

Figure out what the loan is for and how long you'll need the money to help decide which kind of loan you need.
Home equity loans are better for single lump sum expenses while home equity lines of credit, or HELOCs, are
best for prolonged expenses, like college tuition.

A home equity line of credit, or HELOC, has an adjustable rate of interest attached to paying it off, which means that your payments can fluctuate based on the federal funds rate. Think about a home loan if the idea of an adjustable rate unnerves you.

Know your loan-to-value, or LTV, ratio. This is how much you owe versus how much the home is worth.
Many people are in trouble now because their homes dropped in value. You don't want to be stuck owing
more than your house is worth.

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For an explanation of home equity terms, click here.
For criteria used in surveys of rates above,
click here.
These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website,
where you can find additional information. Rates are subject to change without notice and may vary from branch to branch.

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all available products.

Glossary Terms

Product

A home equity loan is a loan based on the amount of equity a homeowner has in the property. It has a fixed rate, payment and term, usually five to 15 years, and the interest paid is usually deductible.

Lender

The organization lending the money. This survey group includes banks, thrifts and other representative institutions.

FICO range

The minimum to maximum FICO rate that the applicant can have to qualify for the quoted rates, points and fee combination.

Rate

The process of calculating your loan payment to pay off the debt at the end of a fixed period, including interest on the outstanding balance.

Max loan to value

The maximum percentage of the home's value that will be lent by a lending institution.

Fees and conditions

Any discounts or rate reductions for having payments automatically debited from another account.

Advertiser comments

Additional information given by the listed institutions.

Location

The state and city in which you are seeking a home equity loan. ZIP codes may also be used.

FICO score

The most commonly used credit score. The name comes from the Fair Isaac Corporation, which developed the credit report-based model that is used to predict the likelihood that a person will pay his or her debts.

Avg. rate

The average of all the rates listed in the intro rate column.

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